Braemar Condo Quarterly: July-September 2018 (3rd Quarter)
Even though we are nearly to the end of October, I have yet to the see the flash of fall foliage in Braemar. Maybe the warm temperatures that we thought would never end delayed the color change in the deciduous leaves. Eventually we’ll see those brilliant fall colors, but right now, it is time for another Braemar Condo Quarterly.
There were three condos in Braemar that sold between July and September. Details of those sales are detailed below:
When we take these sales from the third quarter of 2018 and put them in with the data collected on other condo sales as far back as the fourth quarter of 2017, we are able to parse the six month and twelve month data points. When we do, this is what we get.
A good indicator for increasing home values is seeing higher sold prices in the six month average and median when compared to the twelve month average and median sold prices. Clearly, we are seeing that here, which means Braemar condos are still increasing in value.
Seller subsidy (closing cost assistance to buyers) is changed a little in the six month average and median compared to the twelve month values. This is something that sellers like to see. Buyers may be asking for less in closing cost help to be more competitive when attempting to purchase these condo.
Finally, there is the days on market (marketing time) to compare. Six month average and median marketing time is higher than the twelve month average and median. This means that lately, it has been taking longer to sell Braemar condos. Still, less than three weeks to sell is not as bad as it could be.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in two to three weeks. You could also expect to pay $3,400 to $4,000 in closing cost help.
The next Braemar Condo Quarterly will be out in January. Until then, when the time comes for you to sell your Braemar condo, give me a call for a free market analysis. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®